DeFi News Official TheBitTimes.com

Claims can be converted into collateral to trade crypto futures on the exchange. OPNX, an exchange dedicated to the trading of bankruptcy claims against fallen crypto firms, has listed FTX and Celsius claims. According to the July 14 announcement, FTX claims specifically can be immediately onboarded and converted into collateral in the form of OPNX's native reborn OX (reOX) tokens or oUSD, its credit currency. Users can then trade crypto futures using reOX as collateral. The claims are tokenized in partnership with Heimdall, which also handles onboarding and user verification. Developers wrote: "Claims will initially be converted into reOX tokens at a 100% bonus of the market price, which will converge to 0% bonus over a period of 50 weeks. This means, during Week 1, users will receive double the market price for their FTX claim." In an illustrative example by OPNX, a $1 million FTX claim with a claim price of 30 cents on the dollar would receive $600,000 in equivalen...

B. Riley suggested the embattled miner’s issues were “self-imposed” and outlined a path for it to avoid bankruptcy. Financial services platform B. Riley has offer ed Bitcoin (BTC) miner Core Scientific $72 million in financing to avoid Bankruptcy and preserve value for Core Scientific stakeholders. B. Riley, a top lender to Core Scientific with $42 million in loans currently outstanding, outlined the terms of the financing agreement in a Dec. 14 letter noting it's prepared to fund the first $40 million “immediately, with zero contingencies.” The finance platform suggested the remaining $32 million would be conditional on the BTC miner suspending all payments to equipment lenders while Bitcoin prices are below $18,500. The last time the price of Bitcoin was above $18,500 was on Nov. 9, before it fell over 14% in one day. B. Riley’s assessment of the predicament Core Scientific is in was scathing, suggesting it had deployed “an aggressive, ill-conceived strategy […] to continue to...